Qikdraw
04-01-2008, 01:34 PM
Congress, critical of tax breaks, lays into oil execs (http://money.cnn.com/2008/04/01/news/companies/oil_hearing/index.htm?cnn=yes)
Call me a cynic (boreas I'm looking at you :D ) but this is a load of hogwash! Is this really going to change anything? Hell no. Its just something else so politicians, from both sides, can look good in an election year.
Lawmakers grilled executives from the world's five largest publicly traded oil companies Tuesday, criticizing them for taking tax subsidies
-snip-
Markey slammed executives from Exxon Mobil (XOM, Fortune 500), Royal Dutch Shell (RDSA), BP (BP), Chevron (CVX, Fortune 500), and ConocoPhillips (COP, Fortune 500) for their opposition to eliminating about $18 billion in tax breaks over a ten year period amid record profits for the industry.
Don't blame the oil companies for taking tax breaks, blame the government for giving them! I don't blame the oil companies for wanting to keep them either. I would too! Thats 18 billion of free money! Who woudn't want to keep that coming?
The oil executives urged the panel to open up areas off the U.S. east and west coasts for oil and gas drilling, arguing that bringing more supply to market is one of the best ways to lower prices.
Sorry but I don't think that getting access to more oil will lower the prices one bit. They promise they will lower prices if such and such happens, but then it never gets lowered. The insurance companies have used this time and time again with success.
Markey hammered Exxon's Simon over the company's investment in renewable energy. "Why is Exxon Mobil resisting the renewable energy revolution?" asked Markey.
Simon said Exxon has given $100 million to Stanford to study renewables. "$100 million?" said Markey. "But you made $40 billion last year."
When pressed, Simon said Exxon believes the current generation of renewable energy options will not be able to significantly meet demand.
This is the idiocy of oil companies. oil is not an infinite resource, they know this, yet they resist change. They could end up owning rights to all kinds of renewable energy technology, but they would rather live in the past. Idiots.
I love their excuse to not invest in more research too. Because the current genereation won't meet demand we won't invest in research to make the next generation meet demand. Yeah, makes sense doesn't it?
I love this bit...
Markey concluded the hearing with what sounded like warning - urging the oil companies to invest in renewables and do something to lower the price of gas before what he promised would be several more congressional hearings.
Yeah if you don't do something... We'll have to talk to you again! So there!
Idiots.
April Fools everyone...
Qikdraw
Call me a cynic (boreas I'm looking at you :D ) but this is a load of hogwash! Is this really going to change anything? Hell no. Its just something else so politicians, from both sides, can look good in an election year.
Lawmakers grilled executives from the world's five largest publicly traded oil companies Tuesday, criticizing them for taking tax subsidies
-snip-
Markey slammed executives from Exxon Mobil (XOM, Fortune 500), Royal Dutch Shell (RDSA), BP (BP), Chevron (CVX, Fortune 500), and ConocoPhillips (COP, Fortune 500) for their opposition to eliminating about $18 billion in tax breaks over a ten year period amid record profits for the industry.
Don't blame the oil companies for taking tax breaks, blame the government for giving them! I don't blame the oil companies for wanting to keep them either. I would too! Thats 18 billion of free money! Who woudn't want to keep that coming?
The oil executives urged the panel to open up areas off the U.S. east and west coasts for oil and gas drilling, arguing that bringing more supply to market is one of the best ways to lower prices.
Sorry but I don't think that getting access to more oil will lower the prices one bit. They promise they will lower prices if such and such happens, but then it never gets lowered. The insurance companies have used this time and time again with success.
Markey hammered Exxon's Simon over the company's investment in renewable energy. "Why is Exxon Mobil resisting the renewable energy revolution?" asked Markey.
Simon said Exxon has given $100 million to Stanford to study renewables. "$100 million?" said Markey. "But you made $40 billion last year."
When pressed, Simon said Exxon believes the current generation of renewable energy options will not be able to significantly meet demand.
This is the idiocy of oil companies. oil is not an infinite resource, they know this, yet they resist change. They could end up owning rights to all kinds of renewable energy technology, but they would rather live in the past. Idiots.
I love their excuse to not invest in more research too. Because the current genereation won't meet demand we won't invest in research to make the next generation meet demand. Yeah, makes sense doesn't it?
I love this bit...
Markey concluded the hearing with what sounded like warning - urging the oil companies to invest in renewables and do something to lower the price of gas before what he promised would be several more congressional hearings.
Yeah if you don't do something... We'll have to talk to you again! So there!
Idiots.
April Fools everyone...
Qikdraw